Gold: Very strong resistance at $966/oz proved too tough for gold yesterday as the markets allowed doubts that the recent surge in the price could not be sustained creep in. Gold slipped some 1% to $935/oz, not helped by a rally in the dollar that saw gold fall slightly. Technically, the momentum over the short term seems to indicate that the price will fall further and strong support at $905/oz, could be significant. A myriad of problems still plague the dollar and this rally should be short lived and a gold price of over $1000/oz before the year-end seems increasingly likely. Continuing risk aversion will see gold well supported close to these levels. South African gold mine producers agreed on pay increases of between 9-10% with mine workers yesterday, concluding negotiations and hopefully settling recent tensions between management and staff.


Silver: Silver was also unable to keep hold of its recent gains and dropped below $14/oz and is currently trading at $13.58/oz.


Platinum group metals: Platinum and palladium also dropped off in price yesterday but with the end of the month approaching, demand for rhodium from refiners saw the metal gain in price, trading at $1625/$1725/oz.